Intesa Sanpaolo, Italy’s largest bank by assets with a market capitalization of approximately $73 billion, has made its debut in the cryptocurrency market, acquiring 11 BTC for over $1 million, according to a Reuters report.
The bank confirmed the purchase on January 13, 2025, through an internal communication that stated, “As of today, Intesa Sanpaolo owns 11 bitcoins.” This move comes after Intesa established a proprietary trading desk and engaged in spot trading for various cryptocurrencies in recent years.
Following the announcement, Intesa Sanpaolo’s stock price rose by more than 2% on Tuesday, reflecting growing investor confidence.
Bitcoin (BTC) itself has seen a slight recovery, trading above $96,500 after falling more than 5% on Monday, hitting a low of around $89,400.
About The Author
More Stories
Crypto majors سجل strong double-digit weekly gains as Bitcoin tests the $75,000 level before the Fed call
Bitcoin falls under $75,000, with the derivatives-fueled surge already losing steam
Bitcoin pushes past $75,000 as derivatives markets take the lead in the rally